Caris Life Sciences Soars in $494M Nasdaq IPO

Caris Life Sciences, a Texas-based cancer diagnostics firm utilizing artificial intelligence and molecular profiling, raised $494 million in its Nasdaq IPO by selling 23.5 million shares at $21 each, above the expected range due to strong demand. The company's shares opened at $27, rising as much as 40% on debut, and Caris achieved a valuation of up to $7.66 billion. Backed by Sixth Street Partners, Caris has processed over 6.5 million tests and specializes in both tissue- and blood-based cancer diagnostics. Financially, Caris reported a net loss of $127 million on $120.9 million in revenue for Q1 2025. This IPO marks one of the largest healthcare listings of 2025 and reflects renewed investor appetite in biotech and precision medicine, following strong debuts by other healthcare firms. Major banks including BofA Securities, J.P. Morgan, Goldman Sachs, and Citigroup underwrote the offering.